Virginia’s Southern Region Market Snapshot for March 2014

The real estate market snapshot is in for the month of March 2014 for the Southern Region in Virginia. This area includes the following zip codes: 22407 & 22408 for Fredericksburg, VA; 22508 in Locust Grove, VA; 22553 & 22551 for Spotsylvania County, VA; 22567 for Unionville in Orange County, VA; 22580 for Woodford in Caroline County, VA; 22960 for Orange, VA; and 22534 for Partlow in Spotsylvania County, VA. The market snapshot for Spotsylvania County, Virginia for March 2014 is as follows:

For the month of March 2014, the Units Sold crept up every so slightly to 2.27% from 2013’s March units of 132, to 135, still consistent my the harsh winter this area has sustained for a third month in a row starting off 2014. The Average Sold Price for homes reported in this Southern Region for March 2014 was $257,069 which increased a substantial 14.32% from March 2013’s $224.863. The Average Days on the Market for the month of March 2014 saw a large increase for a third month in a row at 63.64% from March 2013’s 55 days to March 2014’s reported 90 days. This prolonged pattern of days on the market still had much to do with the cold temperatures that this region continued to sustain over the last three months and inability for people to show and view homes and/or move, while snowed in place. The ratio of Average Sold Price to Average Original List Price maintained consistent with month’s past at 93.5%. The Average Sold Price for Detached homes sold in March 2014 was $264,407 versus $231,821 from March 2013, marking another area that saw a nice increase of 14.06% in sold prices over last year.

Housing inventory for this Southern Region in Virginia continues to grow at 568 Active Listings for March 2014, 479 of them new listings.

The real estate market statistics for the month of March 2014 confirm that Sellers are receiving justifiable market offers on their homes. Multiple offers have settled down, with the exception to specifically coveted areas, but are already seeing a slight rise again as we enter Spring in the Southern Region due to the low inventory for Buyers. I expect to see the use of the escalation clauses within contracts to rise again as well.